Remittances- Inward

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As mentioned in my earlier article, for an outward remittance a request is submitted by the customer and the same is processed by the Bank based on its discretion.

An Inward Remittance works the other way round wherein funds are received by the customer and the Bank informs the customer about the credit in his account by way of SMS or regular statements. An Inward remittance also goes through the various checks in place at the Bank for sanctioned entity or country and also for restricted countries famous for money laundering. If an inward remittance does not get approved at the Bank, the same is returned after deducting the Banks charges to the remitter and informs its customer accordingly.

An Inward remittances may also not be accepted or rather credited to the customers account is the name of the beneficiary or the account number does not exactly match the name and account number of the customer. In this case the customer is informed about the discrepancy and is requested to inform the remitter to send an amendment request correcting the information required so that the payment can be processed and credited to his account.

The customer will then contact his remitter and inform him to send an amendment to the payment and also requests him to send a copy of the amendment swift to avoid payment being returned back. Banks generally return these kind of discrepant payments in 5 working days if the amendment via authenticated swift is not received. Since all the instructions for sending and receiving a remittance are sent via swift messages it is generally instant but in some cases the payment is returned back even if the beneficiary provides a swift copy confirming an amendment is sent as the Bank has not received the authenticated message confirming the corrected details.

Charges are levied by Banks for sending as well as receiving payments except in case of wealth management customers who are provided preferential pricing and also preferential exchange rates. Details of charges are published on the Banks website and can be referred before sending a remittance to know the approximate charges levied by the Bank for sending a particular remittance.